National Grid CEO to leave after 10 years

(Sharecast News) - National Grid has announced that chief executive John Pettigrew is to leave the role after nearly a decade as head of the utilities company. The group said the board and Pettigrew both believe it is the "right time to transition leadership" following a comprehensive succession planning process.

Zoë Yujnovich, currently the head of integrated gas and upstream operations at Shell, has been appointed as Pettigrew's replacement.

National Grid said she is "ideally qualified" with a "proven track record", having held a number of senior roles at Rio Tinto as well as a board position at Unilever.

Pettigrew, who first joined National Grid in 1991 before working his way through progressively senior roles to become CEO in 2016, said in a statement: "It has been an immense honour for me to lead the company I joined as a graduate. All that I have achieved has only been possible because of the many talented people I have had the privilege to work with and learn from."

Yujnovich will join the board in September and replace Pettigrew officially in November to ensure a smooth transition and handover of responsibilities.

"We are delighted to have found such a talented and worthy successor in Zoë Yujnovich, someone who is highly regarded in, and has wide experience of, the energy sector," said chair Paula Reynolds.

"An internationalist in outlook, she has a strong sense of purpose and is an inspiring leader. Further, she will arrive with a notable track record of delivering complicated, large scale capital projects in complex political environments."

Shares were down 1% at 1,072p in early deals on Thursday.